Milling & Baking News - May 27, 2014 - 51


Cash Wheat
HARD WINTER. Premiums on hard red
winter wheat in Kansas City were unchanged to 5c a bu higher last week. The
advances were posted on wheat with
protein from 13% protein through 13.8%.
Wheat offers were limited from day to
day but increased ahead of the holiday
weekend.
While forecasts of possibly beneficial
rains across Great Plains growing areas
put downward pressure on wheat futures, the cash market remained listless.
The hard winter wheat basis remained
remarkably flat, though historically
high, reflecting market's need for wheat
of any protein.
To-arrive business was non-existent,
and no significant farmer selling was noted. Farmers much earlier liquidated most
of their 2013 production and had little
wheat left to sell. Producers and elevators were wary about committing to large
sales of new crop wheat given uncertainty about the crop's size and quality.
Grain merchandisers took a waitand-see attitude with regard to prospective wheat quality with the harvest not
expected to reach the key state of Kansas
for several weeks. An exceptionally cold
winter and dry spring, with states such
as Kansas, Oklahoma and Texas in serious drought, raised worries about winterkill and other possible crop damage.
The true extent of any problems won't be
known until harvest is well under way.
The Texas harvest was under way
and was 6% completed by May 18. The
Fort Worth Grain Exchange sampled 25
rail cars loaded with new crop wheat.
The average test weight of samples was
61.8 lbs per bu with a range of 57.4 lbs to
63.4 lbs. The average protein was 13.4%
with a range of 11.4% to 17%. The average moisture content was 11.1% with a
range of 9.9% to 13.5%. Dockage aver-

No. 1 hard winter
Basis Kansas City July, cents per bu
May 23 - Change from - Year
Premium May 16 May 9
ago
Ordinary 105@ 115
-
-
75 @ 90
11%
105@ 115
-
-
90 @ 105
11.2% 105@ 115
-
-
95 @ 110
11.4% 105@ 115
-
-
105 @ 120
11.6% 105@ 115
-
-
113 @ 128
11.8% 115@ 125
-
+10 @ +10113 @ 128
12%
115@ 125
-
+10 @ +10116 @ 131
12.2% 115@ 125
-
+10 @ +10116 @ 131
12.4% 115@ 125
-
+10 @ +10116 @ 131
12.6% 115@ 125
-
+10 @ +10116 @ 131
12.8% 115@ 125
-
+10 @ +10119 @ 134
13%
110@ 120 +5 @ +5 +5 @ +5 130 @ 145
13.2% 110@ 120 +5 @ +5 +5 @ +5 130 @ 145
13.4% 110@ 120 +5 @ +5 +5 @ +5 130 @ 145
13.6% 110@ 120 +5 @ +5 +5 @ +5 130 @ 145
13.8% 110@ 120 +5 @ +5 +5 @ +5 130 @ 145
14%
110@ 120
-
-
130 @ 145
bakingbusiness.com / world-grain.com

aged 0.5% with a range of 0.3% to 1.4%.
U.S.D.A. Crop Progress report showed
a crop under stress. Wheat rated good to
excellent was 12% in Kansas (59% poor to
very poor), 5% in Oklahoma (78% poor
to very poor), 11% in Texas (67% poor to
very poor), 29% in Colorado (40% poor
to very poor), 59% in South Dakota (38%
fair) and 64% in Montana (29% fair).
In Fort Worth, bids on hard red winter wheat for nearby were at 50c over
K.C. July; new crop, 50c over July. Salina
truck bids at terminal elevators for nearby were 7c under K.C. July; new crop,
7c under July. Hutchinson elevator bids
for nearby were at 7c under K.C. July;
new crop, 7c under July. Best Wichita elevator bid was 23c under K.C. July; new
crop, 42c under July. Gulf bids on hard
red winter wheat with 12% protein for
May were withdrawn; June bid at 133c
over K.C. July, up 3c.
HARD SPRING. Premiums on hard
red spring wheat were 25c a bu higher
to 25c lower last week. Railroad service
remained sub-par with many shipments
behind schedule. The Great Lakes shipping season for grain was under way.
Spring wheat stocks held in port cities
of Duluth-Superior were 13,772,000 bus
as of May 16, down from 15,078,000 the
previous week.
Producers were busy planting the new
crop, trying to make up for lost time.
Weather finally turned favorable in topproducing North Dakota, and expectations were for planting progress to move

forward swiftly. Crop observers in North
Dakota were expecting progress in the state
to reach about 50% by the Memorial Day
weekend compared with the 25% planted
as of May 18. Overall crop progress in the
six key states showed 49% of the spring
wheat crop was planted as of May 18, still
lagging significantly the 68% average for
2009-13. Twenty-four per cent of the crop in
the six states had emerged, compared with
40% as the five-year average for the date.
SOFT RED. St. Louis mill bids on No. 1
soft red winter wheat for nearby were 10c
over Chicago July, unchanged. Chicago
mill bids for nearby were 10c over Chicago July; new crop, 10c under July. Toledo
mill bids for nearby were 15c over Chicago
July, unchanged; new crop, 15c over July.
Elevator bids were 8c under Chicago July;
new crop, 5c over July. Cincinnati mill
bids were 10c under Chicago July; new
crop, 10c under July. Elevator bids were
20c under Chicago July; new crop, 11c
under July. Mill bids in eastern Corn Belt,
Southeast and East were much stronger as
subpar wheat quality in these areas forced
wheat buyers draw supply from the west.
Michigan white wheat mill bids were Chicago July price to 30c over; new crop, Chicago July price to 25c over Sept. Gulf bids
on soft red winter wheat for May were 50c
over Chicago July, unchanged.
The U.S.D.A. said winter wheat rated
good to excellent as of May 18 was 62%
in Illinois, 69% in Indiana, 42% in Michigan (36% fair), 58% in Ohio, and 52% in
Missouri (38% fair). MBN

No. 1 hard spring

No. 1 hard winter premiums, 12.2%

Basis Minneapolis July, delivered Chicago\beyond cents
per bu May 23
- Change from -
Year
Premium May 16
May 9
ago
Ordinary . . .
...
...
...
11%
...
...
...
...
12%
90 @ 110 -10@ 0
0 @ +20
...
13%
115 @ 148 -25@ -2 +25 @ +53
...
13.5%
...
...
...
...
14%
140 @ 160 -20@ 0
+20 @ +20 95 @ 110
14.5%
...
...
...
...
15%
200 @ 220 +25@ +20 +50 @ +30 115 @ 130
16%
...
...
...
135
17%
...
...
...
...

Exporter bids and offers
For
shipment

May 23
Bid

Ingredient Week

Offer

No. 1 Hard 12%, Track Gulf
Basis Kansas City future, cents per bu
May
...
...
June
+133 July
140
July
+133 July
140
August
+122 Sep.
135
No. 2 Soft Red, c.i.f. New Orleans
Basis Chicago future, cents per bu
May
+50 July
...
June
+42 July
44
July
+42 July
44
August
+38 Sep.
40

Year ago
bid

+140 July
+140 July
+135 July
+118 Sep.

+57 July
+55 July
+55 July
+60 Sept.

Basis Kansas City, cents per bu
180
160
140
120
100
M

A

N

F

Cash wheat
May 23 - Change from -
For shipment
Bid May 16 May 9
No. 1 Soft White, Track, Portland
$ per bu
February
7.50
-.10
-.30
June
7.50
-.10
-.30
July
7.50
-.10
-.30
No. 1 Hard 11.5%, Track, Portland
Basis Kansas City future, $ per bu
February
0.70
-
-.15
June
0.70
-
-.10
July
0.70
+.05
-.05
No. 1 Spring 14%, Track, Portland
Basis Minneapolis future, $ per bu
February
1.35
-
+.05
June
1.30
-
+.05
July
1.25
-
+.05

Year
ago
...
...
...
1.35
1.30
1.30
1.15
1.15
1.10

Milling & Baking News May 27, 2014 / 51
http://www.bakingbusiness.com http://www.world-grain.com
Milling & Baking News - May 27, 2014

Table of Contents for the Digital Edition of Milling & Baking News - May 27, 2014
